What’s happening with New York real estate and taxes now?
While the media has been mostly consumed with politics for months, there has been a lot going on in the NY real estate world, and with our taxes too. Keep reading to find out what’s happening…
The Changing NY Real Estate Market
While it still may not be easy to find an affordable and desirable apartment in NY, there could be good news on the horizon. A recent rental market report from The Ratner Team at Sotheby’s shows many rental property metrics declining, and landlords have to offer more discounts and concessions. That could be good news if you are looking for new digs. Bad news if you own investment property and your property tax bills are heading up.
Luxury Condo Disaster
Before you sign on the line to buy a stylish new NYC condo, you may want to check what’s in the walls! Overlooking the NYC skyline a NJ couple recently found their $2M condo had some pretty crazy items crammed into their walls and insulation. It’s expected to be a major setback to the reputation of the builder.
Rental Permits Required for Airbnb Landlords
The village of Greenport in Suffolk County, Long Island just voted to require property owners to obtain permits and submit their properties for inspection, regardless of whether they are entertaining long term, or short term Airbnb style rentals. This may be better for the public, but it could add even more headache and cost to being an Airbnb host.
Killing the Property Tax Deduction
While some are fighting to get our property tax deduction back when new tax rules are passed, there appear to be few guarantees for Long Island real estate owners. With or without it, an enormous number of New Yorkers are going to be overpaying on their property taxes. No real estate owner in the state should be just accepting their funky bills just as they come in the mail. It’s always smart to check with a local Property Tax Adjuster to see what reduction you should be eligible for.